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10 Mil Réis Caixa de Conversão, 2nd. Print
| Issuer | Caixa de Conversão do Brasil |
|---|---|
| Year | 1910 |
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| Reference(s) | P#101 |
| Obverse description | Lithograph printed in black on blue underprint. At centre, a circular white medallion bears the Arms of the Republic. The entire composition is set within a decorative border with guilloche ornamental elements typical of the period. |
|---|---|
| Obverse lettering | REPUBLICA DOS ESTADOS UNIDOS DO BRASIL A CAIXA DE CONVERSÃO PAGARÁ AO PORTADOR a quantia de dez mil reis em ouro amoedado ao cambio de 16d. por 1 S. Lei N. 2357 de 31 de Dezembro de 1910 DEZ MIL REIS (Translation: The Conversion Fund will pay the holder the amount of Ten Thousand Réis in coined gold at the exchange rate of 16d. per £1. Law No. 2357 of December 31, 1910. Ten Thousand Réis) |
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| Comments |
The Caixa de Conversão was a short-lived currency stabilization mechanism established in 1906 under Finance Minister Leopoldo de Bulhões, designed to fix the milréis to sterling and halt the chronic depreciation that had plagued Brazil since the Encilhamento speculation crisis of the early 1890s. The institution issued notes convertible at a fixed rate — a genuine departure from the inflationary habits of the preceding decade. It was dissolved in 1914 when the outbreak of war made the fixed exchange rate untenable.
Cartiere Miliani in Fabriano had supplied security paper to European governments for centuries before taking on Latin American contracts. Their involvement here was likely as paper supplier rather than full printer, though the distinction in period documentation is not always clean.